Shortfall Account definition

Shortfall Account shall have the meaning set forth in Section 3.12(b) hereof.

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Shortfall Account. Section 2A.10.

Examples of Shortfall Account in a sentence

Until so advanced to Borrowers pursuant to the provisions of Sections 3.2, 3.3 and/or 3.4 hereof, as applicable, all such Shortfall Funds on deposit in the Shortfall Account shall be held as cash collateral and additional security for the Debt and the Other Obligations and shall constitute a Reserve Fund in which Lender shall have a Lien and security interest pursuant to the provisions of Section 7.8 hereof.
If after giving effect to any such principal repayment there shall be in existence a Collateral Shortfall Amount, Borrower shall immediately pay to the Agent such Collateral Shortfall Amount in immediately available funds, which funds shall be held in the Facility LC Collateral Shortfall Account.
Provided no Event of Default has occurred and is continuing, any funds held in the Shortfall Account will be advanced by Lender to Borrowers as though such funds were proceeds of the Construction Loan and subject to all of the conditions with respect thereto set forth in Sections 3.2, 3.3 and/or 3.4 hereof, as applicable, prior to any further Construction Loan Advances.
If there is an insufficient amount on deposit in the Prepayment Interest Shortfall Account, the amount thereof will be allocated among such subaccounts based upon the amount of Prepayment Interest Shortfall allocated to the related Pooled Certificate Groups.
On each Distribution Date the Trustee also shall deposit from the Prepayment Interest Shortfall Account into the applicable subaccount of the Certificate Account funds with respect to any Prepayment Interest Shortfalls on the related Pooled Certificate Group, to the extent required by Section 3.03(d).
The Trustee shall give notice to the Depositor and the Certificateholders of any new location of the Prepayment Interest Shortfall Account prior to any change thereof.
Funds held in the Distribution Account, the Companion Distribution Account, the Additional Interest Account, the Interest Reserve Account, the Interest Shortfall Account and the Gain-on-Sale Reserve Account may remain uninvested.
The Prepayment Interest Shortfall Account is initially located at the Trustee.
All calculations of the amounts to be distributed on any Distribution Date and of the amount of any transfers from the Prepayment Interest Shortfall Account or the Interest Account to the applicable subaccount or subaccounts of the Certificate Account will be made by the Trustee in reliance on the information provided to it in the applicable Pooled Certificate Distribution Date Statements and any additional written information requested by the Trustee with respect to the Pooled Certificates.
Employee acknowledges and agrees that such lump sum payment shall consist solely of the amounts credited to the Shortfall Account as of the date of Employee’s separation from service without Cause.

More Definitions of Shortfall Account

Shortfall Account has the meaning set forth in Section 2.1.9(d) hereof. “Soft Costs” means, collectively, all costs and expenses set forth in the Construction Budget which are denominated as “Soft Costs”. “S&P” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC company “Secondary Market Transaction” has the meaning set forth in Section 9.1 hereof. “Securities Act” means the Securities Act of 1933, as amended. “Security Instrument” means that certain first priority Construction Deed of Trust, Security Agreement, Assignment of Leases and Fixture Filing dated as of the Closing Date, executed and delivered by Borrower as security for the Loan and encumbering the Property, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. “Servicer” has the meaning set forth in Section 10.28 hereof. “SOFR” means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator and as published on the SOFR Administrator’s Website. “SOFR Administrator” means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate). “SOFR Administrator’s Website” means the website of the Federal Reserve Bank of New York, currently at ▇▇▇▇://▇▇▇.▇▇▇▇▇▇▇▇▇▇.▇▇▇, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time. “SPE Component Entity” means: (i) if Borrower is a limited partnership, the Special Purpose Entity that is the general partner of Borrower; or (ii) if Borrower is a limited liability company other than an Acceptable LLC, the Special Purpose Entity that is the managing member of Borrower; provided, however, if Borrower is an Acceptable LLC or a corporation, the term “SPE Component Entity” shall have no meaning when used in this Agreement. “Special Member” has the meaning set forth in the definition of “Special Purpose Entity”. “Special Purpose Entity” means a Person, other than an individual, which, since the date of its formation and at all times prior to, on and after the date thereof, has complied with and shall at all times comply with the following requirements: (a) was, is and will be formed solely for the purpose of (i) in the case of Borrower, acquiring, developing, owning, holding, selling, leasing, transferring, exchanging, financing, managing and operating the Property, and transacting lawful business that is incident, necessary and appropriate to accomplish t...

Shortfall Account has the meaning ascribed thereto in the Cash Collateral and Disbursement Agreement.

Shortfall Account has the meaning ascribed thereto in the Cash Accumulation Account Contribution Agreement.

Shortfall Account shall have the meaning set forth in Section 5.7 of this Agreement.